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Regime: Risk-off, driven by rising oil prices and inflation worries spooking bond markets, pushing US 2Y yields to 3.98%. Today’s market themes: Oil supply scare: Strait of Hormuz tensions driving WTI above $104, fueling inflation concerns. Global bond selloff: Rising oil and inflation fears triggering broad-based bond yield increases. USD strength:…
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Where we are: The DXY currently trades around 99.00, near the upper end of its overnight range. This marks a significant move higher from yesterday’s New York close, and puts the Dollar on track for its best weekly performance since March. Key resistance lies at the 99.20 level, a break of…
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Where we are: S&P 500 futures are trading around 5250, down roughly 1% pre-market, retreating from record highs seen in the prior session. The overnight range has been choppy, mirroring the pullback in tech. This level is significantly below yesterday’s New York close, signaling a potentially weak open. What’s driving it:…
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Where we are: Gold is currently trading around $4,585, testing overnight lows, after a significant drop overnight saw bullion shed 2%. The slide positions gold to fall roughly 3% for the week, and breaks through the $4,600 handle, a key support level we have been watching closely. The move wipes out…
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Where we are: EUR/USD is trading around 1.1640, testing lows not seen since early April. The pair has traded in a tight range overnight, generally pressured, and is below yesterday’s New York close. Key support lies at 1.1630, a break of which could open the way to further downside. Resistance is…
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Where we are: Nasdaq 100 futures are trading around 19,650, down roughly 1.6% premarket, after a fresh record close in the prior session. The overnight range has been relatively contained, but the bias is clearly lower as the exuberance around AI names cools somewhat. Resistance looms above at the all-time high…
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Where we are: GBP/USD is trading near 1.3385, testing lows not seen since early April. Overnight, Cable ranged between 1.3370 and 1.3430, remaining on the defensive. The pair is trading notably below the previous New York close, weighed down by concerns about UK political stability and a broad risk-off sentiment. What’s…
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Where we are: USD/JPY is currently trading around 158.30, consolidating after a choppy overnight session. The pair remains elevated after testing resistance near 158.80 earlier in the week, and is holding above the psychological 158.00 level. The overnight range has been relatively contained between 157.90 and 158.45, leaving it roughly unchanged…
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Where we are: Dow futures are currently trading around 39,700, down roughly 0.7% from yesterday’s close. The index is retreating from recent highs, trading within a relatively narrow overnight range, but showing a clear bias to the downside. Key technical levels to watch are 39,500 as immediate support and 40,000 as…
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Where we are: USDCAD is currently trading around 1.3715, testing the upper end of its overnight range. This level marks a modest extension from the prior NY close, with resistance building at the 1.3730 level. Overall, the pair is showing signs of upward momentum, particularly after consolidating around the 1.3650 mark…
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Where we are: BTCUSD is currently trading around $62,050, holding steady after an overnight dip to $61,500. The price action remains choppy, oscillating within a $1,500 range since the New York close yesterday. Immediate resistance lies at $62,500, a break above which could open the door to a retest of $63,000.…
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Where we are: The FTSE 100 currently trades around 8,370, down roughly 0.5% on the session. The index saw a modest bounce in the prior two sessions but failed to hold gains, trading in a relatively tight 50-point range overnight. This level is significantly below the recent highs and suggests continued…
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Snapshot: AUD/USD trades around $0.72, pressured by USD strength but primarily vulnerable to a squeeze given the crowded long positioning and RBA’s reluctance to commit to rate cuts. Bullock’s recent comments about inflation progress being “still uneven” highlight the RBA’s cautious stance. No domestic data catalysts until the RBA meeting on…
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Snapshot: WTI crude is pushing above $104 this morning, up over 3% and on track for a 9% weekly gain, as supply anxieties related to the Strait of Hormuz crisis dominate the narrative. The limited tanker traffic out of the Persian Gulf since the conflict began is the primary driver. Watch…
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Snapshot: The Nikkei 225 is under pressure, tracking overnight weakness, despite slightly stronger-than-expected Japanese Corporate Goods Price Index data (Apr). The index closed down nearly 2% yesterday and continues to feel pressure today from domestic forces. Watch for continued weakness if the Nikkei breaks below 61,000. Risk of continued pressure from…
